On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $282,000 cash and $364,000 of equipment, respectively. The partnership also assumed responsibility for a $42,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $152,000, both are to receive an annual interest allowance of 5% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2020, Adams withdrew cash of $102,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $400,000. On June 1, 2021, Peter Williams invested $122,000 and was admitted to the partnership for a 20% interest in equity.

Prepare journal entries for the following dates:

a. June 1, 2020

b. November 20, 2020

c. May 31, 2021

d. June 1, 2021

Calculate the balance in each partner's capital account immediately after the June 1, 2021 entry.

.

Available accounts:

Aisha Adams, capital

Aisha Adams, withdrawals

Cash

Equipment

Income Summary

Jill Bow, capital

Jill Bow, withdrawal

Notes payabale